Tag: Josh Frydenberg

Yes, the Morrison government has said meekly, to everything the banking royal commissioner Kenneth Hayne has recommended. Banking royal commission final report released – politics live Read more So it’s yes to more than 24 potential prosecutions (only Westpac escapes), earmarked carefully by Hayne but ultimately left to the discretion of the regulators – which will be a relief to the government, rather than particular bankers being named and shamed; yes to ending conflicted remuneration; yes to an overhaul of mortgage broking; yes to a regulator to watch the corporate and banking regulators (and a possible new independent prosecutorial body if they fail to get their act together); yes to Asic becoming a regulator that actually likes going to court; yes to an industry-funded compensation scheme of last resort. There is one maybe in the government response and that relates to remuneration for mortgage brokers. The commissioner says the time has come to do more than say sorry for the past, and make reparations. With a big mop-up job to implement, the treasurer Josh Frydenberg, as well as trying to neutralise a dangerous political fight, has taken the opportunity to project some emotional intelligence with the government response. “My message to the financial sector is that misconduct must end and the interests of consumers must now come first. From today the sector must change, and change forever.” All very well to say in the world of the soundbite. The National Australia Bank comes in for a particular kicking. Hayne says the delightfully apt “twin peaks” structure of Apra and Asic – where prudential regulation is separate from conduct regulation – should remain. But a big yes to Hayne makes it harder for Labor to prosecute a “government cosying up to the banks” narrative.

(@Kieran_Gilbert) Warren Entsch is apparently getting stuck into Tony Abbott right now in the party room, met with some claps #auspol This isn’t the first time Entsch has got stuck into Tony Abbott over his “no wrecking, no sniping” promise – and has repeated it back to him. Back in Queensland – and Peter Dutton’s seat of Dickson – Ben Smee tells us there is not a lot of awareness their local member has challenged for the leadership: Dutton will, of course, now have more time to campaign in his marginal electorate of Dickson, also considered to be one of the least engaged in the country. “I know a lot of people don’t like him, so that’s probably a good thing he’s not prime minister then.” Peter Dutton came within seven votes of toppling Malcolm Turnbull – without a proper lobbying campaign. So he didn’t have his house in order, while Turnbull knew he had at least enough to keep the leadership. Which is why Turnbull’s leadership is now untenable. “If he went to the high court, yes, he would be in strife,” constitutional expert Prof George Williams says, on the story broken by Hugh Riminton and researcher Kate Doak yesterday, over the conflict of interest Peter Dutton may have over his family’s childcare centre interests. Riminton was also the journalist who looked into Barry O’Sullivan’s possible conflicts, which Williams has backed. But Williams says he doesn’t think that family trusts will protect MPs from the constitutional conflicts, given how the high court has been ruling. This brings a whole heap more MPs into the section 44 quagmire. It’s being billed as a “we can govern from the centre” push, as a way to get some of those other supporters across the line.